UK Law Firms Downgrade Growth Forecasts As Fees Stagnate

Law360, New York (March 8, 2013, 6:19 PM EST) -- After experiencing subdued growth in fiscal year 2012, the U.K.'s top law firms have downgraded their forecasts from 5.7 percent growth for 2013 to 3.3 percent, as firms continue to face a "fiercely competitive" market and rate pressure from clients, according to Deloitte LLP.

In the financial quarter ending Jan. 31, the U.K.'s top 100 firms experienced a 3.5 percent fee income growth as compared to the same period last year, but many firms are marking conservative expectations for the months ahead since the country's Top...